Melt butter in a large, heavy pot over medium-high heat; add linguica, onion, bell peppers, black pepper, basil, and oregano. Sauté until vegetables are very tender, 10 to 15 minutes.
Stir beans into linguica-vegetable mixture; cook until beans are softened, about 5 minutes.
Pour in water; stir in rice. Cover the pot, reduce heat to low, and simmer until rice is tender and liquid is completely absorbed, 20 to 25 minutes.